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Retirement Savings Vehicles for Self-Employed Professionals

Barry Kornfeld


Barry M. Kornfeld, an experienced financial advisor, serves as co-owner of First Financial Tax Group, which provides tax & retirement income planning services coordinated under one roof. Barry Kornfeld helps retirees and future retirees allocate their assets with the goal of staying safe, and maximizing their returns.

Many people think of traditional individual retirement accounts (IRA's), Roth IRA's and 401(k) plans when they consider saving for retirement, but these plans are only a few of the many potential options. For example, sole proprietors may establish Solo 401(k) plans. These allow the account holder to contribute as both employer and employee, up to a maximum of $53,000 for individuals under 50 or $59,000 for those who are older.

Small business owners and the self-employed may also be eligible for a simplified employee pension, or SEP IRA. This option allows for the business owner as employer to contribute the lesser of $53,000 or 25 percent of income. Simpler than a Solo 401(k), this plan also requires the account holder to contribute for any employees that meet eligibility requirements.

Barry M. Kornfeld, an experienced financial advisor, serves as co-owner of First Financial Tax Group, which provides tax & retirement income planning services coordinated under one roof. Barry Kornfeld helps retirees and future retirees allocate their assets with the goal of staying safe, and maximizing their returns.

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